MIRA INFORM REPORT

 

 

Report Date :

19.07.2014

 

IDENTIFICATION DETAILS

 

Name :

WESTPOINT HOME (BAHRAIN) WLL

 

 

Registered Office :

Building No. 1912, Road No. 5146, Block 951, South Alba Industrial Area, PO Box : 39308, Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.12.2006

 

 

Com. Reg. No.:

63530-1, Manama

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Subject is engaged in the spinning, weaving and processing of textiles, fabrics and denim.

 

 

No. of Employees :

1300

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

Payment Behaviour :

Regular

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Bahrain

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

BAHRAIN - ECONOMIC OVERVIEW

 

Bahrain has taken great strides in diversifying its economy and its highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's economy, however, continues to depend heavily on oil. Petroleum production and refining account for more than 60% of Bahrain's export receipts, 70% of government revenues, and 11% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011 and 2012, Bahrain experienced economic setbacks as a result of domestic unrest, however, several factors indicate that the economy is beginning to recover, such as the return of the formula one race and tourist cruise ships to Bahrain. Economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax and frequent bailouts of Gulf Air, will make Bahrain's foremost long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.

Source : CIA

SUMMARY

 

Company Name                                     : WESTPOINT HOME (BAHRAIN) WLL

Country of Origin                                    : Bahrain

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 21st December 2006

Commercial Registration Number            : 63530-1, Manama

Chamber Membership Number                : 17025

Issued Capital                                        : BD 100,000

Paid up Capital                                      : BD 100,000

Total Workforce                                     : 1,300

Activities                                               : Spinning, weaving and processing of textiles, fabrics and denim

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Moneeb Shahazd, Finance Manager

 

COMPANY NAME

 

WESTPOINT HOME (BAHRAIN) WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Building No. 1912, Road No. 5146, Block 951

Area                 : South Alba Industrial Area

PO Box             : 39308

Town                 : Manama

Country             : Bahrain

 

Telephone         : (973-17) 838018 / 830559 / 832062 / 919085 / 838125 / 838115

Facsimile          : (973-17) 832022 / 919070 / 838123

Mobile               : (973-39) 871069

Email                : bukhari.najam@wphome.com / ahmed.aziz@wphome.com / aziz.ahmed@wphome.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Manama.

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Bill Harris                                                                                              Managing Director

 

Robert Rhodes Lanier                                                                             Director

 

Ahmed Aziz                                                                                          General Manager

 

Najam Bukhari                                                                                       Purchasing Manager

 

Amer Imtiyaz                                                                                         Commercial Manager

 

Moneeb Shahazd                                                                                   Finance Manager

 

Imran Ahmed                                                                                         Factory Manager

 

Adel Jaber                                                                                             Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           21st December 2006

 

Legal Form      :                       With Limited Liability - WLL

 

Commercial Reg. No.  :           63530-1, Manama

 

Chamber Member No. :           17025

 

Issued Capital              :           BD 100,000

 

Paid up Capital            :           BD 100,000

 

Name of Shareholder (s)                                                   Percentage

 

Westpoint Home Netherlands BV                                         99%

Netherlands

 

Westpoint Home Netherlands Cooperative                               1%

Netherlands

 

 

OPERATIONS

 

Activities:                     Engaged in the spinning, weaving and processing of textiles, fabrics and denim.

 

Import Countries:         India and China

 

Export Countries:         United States of America and Europe

 

Operating Trend:         Steady

 

Subject has a workforce of approximately 1,300 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                BD 41,600,000                           BD 43,185,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Moneeb Shahazd, Finance Manager

 

 

BANKERS

 

HSBC Bank Middle East

93 Al Khalifa Avenue

PO Box: 57

Manama 304

Tel: (973-17) 224555 / 222158

Fax: (973-17) 226822

Email: bbmemnm@batelco.com.bh

 

Bahrain Financial Harbour

West Tower, 3rd Floor

King Faisal Highway

PO Box: 5241

Manama 346

Tel: (973-17) 866600

Fax: (973-17) 866601

 

Bank of Bahrain & Kuwait

43 Government Avenue

PO Box: 597

Manama

Tel: (973-17) 253388

Fax: (973-17) 275785

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 February 2007

Credit amount                                        165,000

Amount overdue                                     0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.33

UK Pound

1

Rs.103.18

Euro

1

Rs.81.58

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.